For the first time in 50 years international oil companies (IOCs) in Nigeria have the opportunity to revolutionise their business models. Most oil majors are moving into the region's deep offshore fields, as they have all but completely divested their onshore assets in the Delta. These offshore blocks are very attractive as they have consistently outperformed expectations. For example, Shell's recent announcement about the onset of production from a Bonga field extension (see Petroleum Review, November 2015) demonstrates that the Bonga field, started in 2005, is continuing to exceed production forecasts.
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